Preliminary Services PMI stood at 53.4 points in June versus 53.0 expected

• UK manufacturing PMI fell to 53.4 in June, missing estimates.
• UK Services PMI stands at 53.4 in June, which is a positive surprise
• GBP/USD briefly rebounded to 1.2200 after the preliminary UK PMIs.

PMI UK manufacturing PMI, seasonally adjusted, fell to 53.4 in JuneAgainst 53.7 expected and 54.6 in the final reading for May.

For his part, the The UK service sector business activity index for the month of June was 53.4Compared to May’s final result of 53.4 and the expected 53.0.

Comments from Chris Williamson, Chief Economist, S&P Global

“The economy is starting to look like it’s going on an empty state. The current business growth is being supported by orders placed in previous months, as companies have reported near stagnation in demand. Manufacturing, in particular, is struggling with lower orders, especially from exports, and the services sector is seeing Already a reflection of the recent trajectory of demand growth that has been suppressed during the pandemic amid the rising cost of living.”

“Business confidence has fallen to a level once used to signal an impending recession. The weakness in the broad flow of economic data so far in the second quarter points to a decline in GDP which, according to the PMI numbers, will gain momentum in the third quarter.”